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NEW YORK — Moody’s Investors Service has downgraded the subordinated debt rating of Zions Bancorp to Baa1 from A3.

The rating agency also downgraded the deposit ratings of Zions’ subsidiary banks.

Moody’s said the rating actions reflect the Salt Lake City banking company’s substantial commercial real estate concentration risk and relatively modest market shares outside Utah and Idaho.

The ratings were placed on review for a possible downgrading after termination of a deal between Zions and First Security Corp., which was expected to strengthen Zions’ market positions, achieve cost savings, and expand its franchise into new markets.

Because of acquisitions, Zions has experienced substantial loan growth, especially in the increasingly competitive commercial real estate sector, where its exposure currently exceeds 45% of the loan book, though this includes the lower-risk, owner-occupied segment, Moody’s said.

The rating agency had upgraded Zions because of the First Security deal.

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